Brokers urge push back on soaring contributions as FSCS levy total poised to break £1bn

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Brokers have called for the insurance industry to kick back against the increase in their Financial Services Compensation Scheme levy with the sector’s bill set to more than triple to £146.8m in 2021/22.

The general insurance distribution class will have paid £41.1m into the compensation scheme for 2020/21. Invoices for a supplementary levy of £22.9m are currently being sent out with the sector

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